Nasdaq Jumps 1.2% as Weak Jobs Data Dampens Rate-Hike Bets
IXIC sits 31% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite closed up 1.19% to 27,190.86 on Friday after the September jobs report showed only 29,000 new payrolls, far below the 85,000 consensus. The weak data reduced expectations for a Fed rate hike this month, lifting rate-sensitive sectors and mega-cap tech. Tesla gained 4.7% and Nvidia rose 1.3%, while Nike fell 3.6% on a weak revenue forecast. For the week, the Nasdaq rose 0.45%, its fifth gain in six weeks, while the S&P 500 and Dow posted declines. This follows the earlier Mace News report on the jobs data, but adds the full market reaction and weekly performance.
At the time of this announcement, IXIC was trading at $27,190.86 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,353.68. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Moneycontrol.